Investors are too much concerned about cheap oil as falling oil prices signal weakness in demand which foretells economic slowdown.

The countries like Russia and Brazil are mostly affected due to weak oil prices. These countries economy rely on oil exports. So chance of EM debt crisis can happen due to slump in oil prices.

So stock market prices is mostly dependent on oil price movement this quarter .Technically US Oil (WTI) is facing strong resistance around $33 and any break above $33 will take the crude till $35.89 (55 day EMA ) .If US oil (WTI) breaks above $33 then chance of S&P500 to trade higher is more and it can reach till 1980 level.

Oil has another 2 weeks' momentum I believe. We should closely watch Oil and SPX' price actions around 2/15. If Oil can't break the strong resistance around $38, it's likely gonna fall hard all the way to $25. And that will definitely scare the whole market.